Analog Devices Inc. stock was down nearly 8% in premarket trades Wednesday after the chip maker’s adjusted third-quarter profit missed Wall Street estimates....
Analog Devices Inc. stock ADI, -0.32% was down nearly 8% in premarket trades Wednesday after the chip maker’s adjusted third-quarter profit missed Wall Street estimates. Analog Devices said its profit for the three months ended July 29 rose 4% to $929 million, or $1.74 a share, from $893 million, or $1.44 a share in the year-ago period. Analog Devices said its third-quarter adjusted profit totaled $2.49 a share, while analysts expected earnings of $2.52 a share, according to FactSet data.
The company’s revenue fell 1% to $3.08 billion, slightly short of the $3.1 billion analyst estimate. Chief executive Vincent Roche said the company faced a challenging operating environment but its results were within its expectations. He warned that the company faces “near-term turbulence” and that “customer inventory adjustments we mentioned last quarter have accelerated as economic conditions deteriorate and our lead times continue to improve.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
I-10 shut down near Tonopah after two commercial trucks collide near TonopahJust before 10:30 a.m. Tuesday, Department of Public Safety troopers were alerted about the crash on westbound Interstate 10 at milepost 97, near the Wintersburg Road exit.
Read more »
Netflix Inc. stock outperforms market on strong trading dayShares of Netflix Inc. inched 0.93% higher to $408.29 Monday, on what proved to be an all-around mixed trading session for the stock market, with the S&P 500...
Read more »
Meta Platforms Inc. stock outperforms competitors on strong trading dayShares of Meta Platforms Inc. rose 2.35% to $289.90 Monday, on what proved to be an all-around mixed trading session for the stock market, with the NASDAQ...
Read more »
Amazon.com Inc. stock outperforms market on strong trading dayShares of Amazon.com Inc. rallied 1.10% to $134.68 Monday, on what proved to be an all-around mixed trading session for the stock market, with the S&P 500...
Read more »
PayPal Holdings Inc Stock Price Today | NASDAQ PYPL Live TickerView today's PayPal Holdings Inc stock price and latest PYPL news and analysis. Create real-time notifications to follow any changes in the live stock price.
Read more »
Crowdstrike Holdings Inc Stock Price Today | NASDAQ CRWD Live TickerView today's Crowdstrike Holdings Inc stock price and latest CRWD news and analysis. Create real-time notifications to follow any changes in the live stock price.
Read more »